Property Tax: You don’t know what you don’t know Your home is generally exempt from tax. However if you have an investment property, build or renovate to sell for a profit (i.e. property flipping), deal in land, or use a property in running a business, there may be implications for Income Tax, Land Tax, Capital…
Mills Oakley and ATO Seminar I attended a seminar held at the Establishment in Sydney tonight presented by senior officers from the Australian Taxation Office’s (‘ATO’) Private Groups and High Wealth Individuals teams. In addition to being informative, relevant and insightful for some of my specific client groups, it was nice to be joined by…
May 17 Many of you will know that 16 May 2016 was a critical deadline for tax agents in Australia with a large majority of income tax returns due for companies and superannuation funds. That day has past and aside from an activity statement deadline later in May, the next major income tax deadline relates…
Service Delivery A client decided to turn a new leaf in November 2015. Two months later we have: – 13 (rather complex) tax returns complete – 7 annual financial reports complete – Corporate structure reviews for 3 trusts and 6 companies complete – Deregistration of the legacy company with ASIC complete – Digital recording of…
Death is not a comfortable topic for anyone who has to face the reality of their own passing. However it is in the best interests of individuals and their family members to consider this topic and have a plan in place. A plan does not need to be complex however elementary steps can be taken…
The ATO have recently released a webinar on contractors and consultants – https://www.ato.gov.au/Business/Bus/TB12—Tax-basics-for-small-business-transcript—Issues-for-contractors/. From our experience dealing with small business owners and their staff, this is quite a grey area for both employers and employees. Common questions for employers – do I pay superannuation to the contractor/consultant? Am I liable to pay worker’s compensation insurance…
If you own a rental property and wish to maximize the benefits of negative gearing, a quantity surveyors (“QS”) report may be worth consideration. For residential buildings that were constructed after 18 July 1985, you may be able to generate a capital allowance deduction on the value of construction. Furthermore you may be eligible to…
If you get paid an overtime meal allowance under an industrial instrument (such as an award) and buy food and drink on overtime, you can claim reasonable allowance amounts set by the Australian Tax Office (ATO) for overtime meal allowance expenses without having to keep records. For the year ended 30 June 2014 for those…
Be informed that all employers are required to issue PAYG payment summaries to their employees for the year ended 30 June 2014 by 14 July 2014 (today).
Almost time to turn a new leaf #newleafbusinessservices #taxtime #30June2014